ABSTRACT
A belief in the benefits of globalization, both higher growth and reduced poverty — if the countries would only put into place the kinds of policies and institutions which would allow them to take advantage of it — became part of the mantra of triumphant capitalism in the mid 1990s. Ironically, however, the policies and institutions which they advocated often departed markedly from those adopted in the one region in the world which had shown that globalization could work.
